Belowisaspreadsheetofpurchaseordersfor acomputerhardwareretailer.
To find the total order cost, what Excel formula should be used in A12?
A) =COUNT(C4:C10)
B) =COUNT(C4:C7)
C) =MAX(C4:C10)
D) =SUM(E4:E10)
Which of the following is true of the t-distribution?
A) It has narrower confidence intervals than the standard normal distribution.
B) It is only used to calculate confidence intervals where there is no known population
standard deviation.
C) It converges to the standard normal distribution as degrees of freedom increase.
D) It does not require parameters such as degrees of freedom.
Which of the following is a difference between relative addressing and absolute
addressing when using cell formulas in Excel?
A) A relative address uses a dollar sign before either the row or column label; an
absolute address uses the ampersand symbol before either the row or column label.
B) A relative address uses a dollar sign before either the row or column label; an
absolute address uses just the row and column label in the cell reference.
C) A relative address uses just the row and column label in the cell reference; an
absolute address uses a dollar sign before either the row or column label.
D) A relative address uses only the column label in the cell reference; an absolute
address uses the row.
Which of the following is a disadvantage of ordinal data?
A) They bear no relationship to one another.
B) They have no fixed units of measurement.
C) They have no natural zero.
D) They are not comparable with each other.
Which of the following is true of hierarchical clustering?
A) All clusters must have the same number of data.
B) No single cluster can have all objects
C) The data are not partitioned into a particular cluster in a single step.
D) All clusters must have more than one object in it.
Which of the following characterizes a continuous random variable for which all
outcomes between some minimum and maximum value are equally likely?
A) exponential distribution
B) uniform distribution
C) normal distribution
D) lognormal distribution
Following is an extract from the Employee Payroll Database of HFR Informatics Inc.
What is the cumulative relative frequency of employees on a ‘A to D’ pay scale?
A) 1.00
B) 0.80
C) 0.30
D) 0.60
Remington Textiles has a mill that produces three types of fabrics on a make-to-order
basis. The mill operates on a 24/7 basis. The key decision facing the plant manager is
about the type of loom needed to process each fabric during the coming 12 weeks to
meet demands for the three fabrics and not exceed the capacity of the looms in the mill.
Two types of looms are used: Jaquard and Northrop. Jaquard looms can be used to
make all fabrics and are the only looms that can weave certain fabrics, such as plaids.
Demands, variable costs for each fabric, and production rates on the looms are given in
the table below. The mill has 10 Northrop looms and 2 Jaquard looms. Any fabrics that
cannot be woven in the mill because of limited capacity will be purchased from an
external supplier, finished at the mill, and sold at the selling price. In addition to
determining which looms to use to process the fabrics, the manager also needs to
determine which fabrics to buy externally.
From the Sensitivity Report, which of the following would reduce the total cost by
$1.568 for each additional hour of capacity for the Jaquard looms?
A) decreasing the Northrop loom cost per hour by $0.58
B) decreasing the Northrop loom capacity down by 534.4
C) increasing the Jaquard loom capacity up by 4896.5 hours
D) increasing the Jaquard loom capacity up by 4032 hours
Below is the table showing rate of shoes sold per day and the highest-priced shoe sold
that day for a one-week period. The rate of shoes sold per day (X) and the price of the
shoes (Y).
Use Excel to calculate the covariance between variables X and Y.
A) 2.67
B) 0.02
C) 16.71
D) 7.04
Which of the following is true of the R-squared (R value in Excel’s Trendline function?
A) A value of 1.0 for R2 indicates maximum deviation of the data from the line.
B) If the value of R2 is above 1.0, the line will be at a perfect fit for the data.
C) The value of R2 will always be between -1 and 1.
D) As the value of R2 gets higher, the line will be a better fit for the data.
In statistics, ________ refers to the peakedness or flatness of a histogram.
A) Sharpe ratio
B) entropy rate
C) Markov chain
D) kurtosis
The Atlas Movies Theater is planning to reprice their ticket rates to maximize revenues.
They have three classes of tickets: Classic, Silver, and Gold. The table below provides
information on the average ticket sales, revenue and price elasticity on demand. They
have a total seating capacity of 300. The table also provides the price range within
which they plan to reduce their ticket rates.
According to the nonlinear model, which of the following is the projected revenue
figure for Classic tickets based on its new price?
A) $1,314.72
B) $1,116.03
C) $521.68
D) $1,312.52
Which of the following formulas is used to calculate the total studio recording cost?
A) =SUM(B6:B12)-B10
B) (B6+B7-B16)B12
C) B6+B7*B12
D) B6+B7*B12-B16
What should be the value of Integer Tolerance in order to find the guaranteed optimal
integer solution?
A) -1
B) 0
C) 0.5
D) 1
Remington Textiles has a mill that produces three types of fabrics on a make-to-order
basis. The mill operates on a 24/7 basis. The key decision facing the plant manager is
about the type of loom needed to process each fabric during the coming 12 weeks to
meet demands for the three fabrics and not exceed the capacity of the looms in the mill.
Two types of looms are used: Jaquard and Northrop. Jaquard looms can be used to
make all fabrics and are the only looms that can weave certain fabrics, such as plaids.
Demands, variable costs for each fabric, and production rates on the looms are given in
the table below. The mill has 10 Northrop looms and 2 Jaquard looms. Any fabrics that
cannot be woven in the mill because of limited capacity will be purchased from an
external supplier, finished at the mill, and sold at the selling price. In addition to
determining which looms to use to process the fabrics, the manager also needs to
determine which fabrics to buy externally.
According to the model, what is the total amount of Fabric 1 to be produced on
Jaquard?
A) 50,000
B) 0
C) 27,420.8
D) 22,579.2
Below is a payoff table with three mortgage options:
The expected value of sample information (EVSI) is equal to the ________.
A) EMV without sample information divided by the EMV with sample information
B) EMV without sample information minus the EMV with sample information
C) sum of the EMV with sample information and the EMV without sample information
D) EMV with sample information minus the EMV without sample information
Below is a table showing the costs per order of items bought by a computer hardware
store.
Calculate the mean cost per order.
A) $220.54
B) $174.70
C) $159
D) $88
The following extract from a manufacturer’s database shows a sample of 10 suppliers,
their transportation charges, and the estimated and actual total costs of supplying
materials. (Note: Assume a significance level of 0.05 wherever necessary.)
Conduct the appropriate type of one-sample test-statistic to determine whether the
average transportation charge is less than $430.
What are the three components of decision support systems (DSS)?
Construct a PivotChart to visualize the purchase order total units for steel forks and
ceramic bowls within each region.
Following is the purchase order database of ‘The Chef Says So’, a restaurant in New
York, over the last quarter (April-June).
Describe how to and construct a line chart exhibiting the purchase order of ceramic
plates over the three months.
Below is a decision tree illustrating the R&D process for a new drug.
Let us assume that if market is large, payoff is lognormally distributed with a mean of
$4,900 million and a standard deviation of $1,000 million; if market is medium, payoff
is lognormally distributed with a mean of $2,500 million and a standard deviation of
$500 million; and if market is small, payoff is normally distributed with a mean of
$1,800 million and standard deviation of $200 million. Let us also assume that the cost
of clinical trials is uncertain and estimates are modeled with a triangular distribution
with a minimum of -$ 700 million, a most likely value of – $550 million, and a
maximum of -$500 million. Use 10,000 trials and a random seed of 1.
Define a chance constraint.
Explain the significance of using double moving average and double exponential
smoothing models.
Below is a decision tree illustrating the R&D process for a new drug.
Let us assume that if market is large, payoff is lognormally distributed with a mean of
$4,900 million and a standard deviation of $1,000 million; if market is medium, payoff
is lognormally distributed with a mean of $2,500 million and a standard deviation of
$500 million; and if market is small, payoff is normally distributed with a mean of
$1,800 million and standard deviation of $200 million. Let us also assume that the cost
of clinical trials is uncertain and estimates are modeled with a triangular distribution
with a minimum of -$ 700 million, a most likely value of – $550 million, and a
maximum of -$500 million. Use 10,000 trials and a random seed of 1.
Explain how the Markowitz portfolio model is a quadratic optimization model.
Data used in business analytics need to be reliable and valid. Explain.